Tambun Indah unit buys land for RM131mil

In a filing with Bursa Malaysia, Country View said that the acquisition

PETALING JAYA: A subsidiary of Tambun Indah Land Bhd is acquiring 27 parcels of freehold land in Penang for RM131mil in cash.

The group, in a filing with the stock exchange, said it has proposed to provide up to RM3.45mil in shareholders’ advances to its 70%-owned subsidiary, Mustiara Sdn Bhd, to fund the acceptance deposit and other costs of the acquisition.

The parcels of freehold land Mustiara plans to acquire from TPPT Sdn Bhd measure in aggregate about 209.54 acres, and are located in the district of Seberang Perai Selatan.

The group said Mustiara had, yesterday, paid the acceptance deposit of RM2.62mil, and the acquisition would be subject to a formal sale and purchase agreement to be entered into between the companies.

“The remaining balance of the purchase consideration will be funded via bank borrowings and/or additional financial assistance from the shareholders of Mustiara, of which the exact quantum and the resultant proportion has not been ascertained at this juncture,” it said.

Tambun Indah said it anticipates extending financial assistance totalling RM3.45mil to Mustiara in shareholders’ advances, when necessary, with the advances subject to an interest rate of 5.12% per annum, calculated on a monthly basis.